Steinsvik Group and Aqualine join forces - Norway Exports

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Steinsvik Group and Aqualine join forces

Kverva Technology owns 90,1% of the company, 

Steinsvik AS

Kverva Technology AS and Frøyaringen AS, respective owners of Steinsvik Group AS and Aqualine AS, have jointly established a joint venture that will wholly own both Steinsvik Group and Aqualine. The new company has an expected turnover of over 1,5 billion NOK and 700 employees.

 

Kverva Technology owns 90,1% of the company, while Frøyaringen owns the remaining shares. Both Steinsvik Group and Aqualine will remain separate companies after the transaction, with the continuation of today’s locations and businesses. The commitment of both companies to develop new solutions to the aquaculture industry has been the main driver behind the new company, which is established to further strengthen their positions. The intention is that the companies will be better able to complement each other with their range of products and services, as well as geographical presence. It is expected that the new ownership structure will be put in place as soon as it has been approved under the relevant mergers and acquisitions legislation, and remaining due-diligence processes are completed.

 

Terje Eidesmo, CEO of Kverva says: “it has been a determining factor that the companies have common fundamental values, where competence and innovation are highly rated. Steinsvik is driven by a strong desire to improve today’s fish farming technology, and we see the same creativity in Aqualine. We have great faith that together we will help the fish farmers to become even more cost-effective and productive”.

 

“We have great ambitions and are confident that the collaboration will contribute positively in the development of the industry. Aqualine and Steinsvik are leading technology companies in different sections of the aquaculture industry. We see that we complement each other and will benefit significantly from our new alliance. This gives us the basis to further commitment on research and development, and on total and complete solutions”, says Trond Lysklætt, CEO of Aqualine.

 

 

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